Cash Flow

v3.8.0.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash Flows from Operating Activities    
Net loss $ (9,053,987) $ (9,431,241)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 100,958 98,774
Amortization of deferred financing costs and debt issuance costs 77,231
Amortization of held to maturity investment premium 32,733
Stock-based compensation 546,321 460,505
Increase (decrease) in cash arising from changes in assets and liabilities:    
Accounts receivable 81,185
Prepaid expenses and other current assets (1,592,084) 261,700
Related party receivable (45,000)
Restricted cash 98,879
Deferred financing costs (46,340)
Accounts payable 4,179 (1,485,735)
Deferred revenue 938,388
Accrued expenses and other liabilities (475,350) (1,030,413)
Other long term liabilities (11,464) 289,500
Net Cash Used in Operating Activities (9,409,315) (10,771,946)
Cash Flows from Investing Activities    
Proceeds from maturities of short-term investments 6,656,910
Purchase of Pelican, net of cash acquired (468,801)
Purchase of property and equipment (61,382) (45,936)
Net Cash (Used in) Provided by Investing Activities (530,183) 6,610,974
Cash Flows from Financing Activities    
Proceeds from public offering, net of underwriting discounts 4,183,000 6,287,250
Proceeds from the issuance of common stock, net of commissions 2,463,180 3,027,677
Stock issuance costs (239,617) (387,210)
Payments on long term debt (3,919,686)
Proceeds from exercise of warrants 2,773,982
Net Cash Provided by Financing Activities 6,406,563 7,782,013
Effect of exchange rate changes on cash and cash equivalents (21,105) (96,361)
Net (Decrease) Increase in Cash and Cash Equivalents (3,554,040) 3,524,680
Cash and Cash Equivalents - Beginning of Period 7,842,667 4,939,955
Cash and Cash Equivalents - End of Period 4,288,627 8,464,635
Supplemental Disclosure for Cash Flow Information    
Contingent consideration 2,385,000
Issuance of common stock for purchase of Pelican 1,052,000
Interest paid $ 293,189

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